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Credit Card Companies

OK - indulge me a bit. I borrow a small sum of money so I don't have to save up for something. You lend me the money and then allow me to pay you a little at a time. I'm fine with that, it makes sense to somebody who cannot afford a big purchase.

But tell me what possible reason there can be, apart from the sheer greed of the Credit Card Companies, for charging such an obscene amount in interest on all transactions?

When the rest of the world was running at interest rates of around 15 to 20% the Credit Card companies could justifiably charge a rate a little higher, but as the interest rates plummeted, why did their charges remain so high?

 

Just how greedy can you get?

It's fairly simple. They are just greedy beyond belief, charging people a huge rate so that the debt remains and they can continue charging because the debt doesn't get paid off as quickly as Mr Normal Bloke would like.

Worse than that, in the exact opposite of a spirit of fair play, if you draw cash out or transfer a balance onto your card, they'll reduce the balance of the portion with the lowest interest rate in order to keep charging the highest possible amount until the debt is paid off.

And the end result? Poor Mr Normal Bloke ends up paying a huge amount for his original purchase just for the convenience of being able to pay for something a little more quickly, and the Credit Card companies make huge profits, far in excess of what the rest of us consider fair.

Cheers guys. Is it any wonder that people hate your guts?

 
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